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The ECB’s narrow mandate is no longer fit for purpose

The ECB’s mandate is a purist’s delight. It sets out a strict and narrow path, with price stability defined as the primary objective; the ECB may “support” secondary goals like growth, employment, and financial stability — but only if they do not interfere with the first.

In other words, The European Central Bank only cares about one thing – inflation – at the expense of massive unemployment throughout Europe and this has been a disaster. Who cares about inflation? Banks. Who cares about unemployment? The people.

If the euro is to survive, the focus needs to shift to addressing unemployment.